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Annual Report 2017 Annual Report 2017 Together we are Fortescue ABN 57 002 594 872 The year at a glance TOTAL RECORDABLE INJURY FREQUENCY RATE FOR FY17 PRODUCTION 2.9 170.4MT FY16 – 4.3 SHIPPED C1 COSTS REVENUE US$ US$ 12.82 /WMT 8.4 BILLION FY16 – US$15.43 /WMT FY16 – US$7.1 BILLION CONTRACTS AWARDED TO ABORIGINAL TAX CONTRIBUTION COMPANIES AND JVs A$ A$ 1.95 BILLION 2 BILLION FY16 – A$1.8 BILLION FY16 – A$1.3 BILLION GREENHOUSE GAS EMISSIONS FORTESCUE ORE CARRIERS INTENSITY REDUCED BY 4 8% FY18 – COMPLETED FLEET FROM FY15 OF 8 ORE CARRIERS About this report This report has been prepared for Fortescue’s stakeholders in line with Fortescue’s statutory and regulatory obligations. The Company is committed to becoming the safest, lowest cost, most profitable iron ore producer and the information within this report outlines Fortescue’s performance and the journey to realising this vision in a manner that reflects the Company’s core values. This report provides a summary of Fortescue’s operations and financial position for the financial year ended 30 June 2017. All ferencesre to Fortescue, the Group, the Company, we, us and our refer to Fortescue Metals Group Limited (ABN 57 002 594 872) and its subsidiaries. All references to a year are the financial year ended 30 June 2017 unless otherwise stated. All dollar figures are in US currency unless otherwise stated. Overview Contents Overview 3 and Financial Review and Financial Operating and Financial Review 15 Operating Operating Ore Reserves and Mineral Resources 29 Corporate Social Responsibility 43 Governance 47 Reserves and Resources Financial Report 49 Remuneration Report 101 Corporate Directory 133 Corporate Sociial Corporate Responsibility Governance Financial ReportFinancial Remuneration ReportRemuneration Corporate Information Corporate FORTESCUE METALS GROUP LIMITED I 2017 ANNUAL REPORT 1 About Fortescue Fortescue Metals Group is a global leader in the iron ore industry, recognised for its unique culture, innovation and industry-leading development of world class infrastructure and mining assets in the Pilbara, Western Australia. Since it was founded in 2003, Fortescue A natural extension of Fortescue’s Fortescue’s longstanding relationships has discovered and developed major supply chain, the fleet of eight with customers in China has grown iron ore deposits and constructed some Fortescue Ore Carriers were designed from the first commercial shipment of the most significant mines in the to complement the industry leading of iron ore in 2008 to the Company world. The Company is focussed on its efficiency of Fortescue’s port. now supplying 17 per cent of China’s vision of being the safest, lowest cost, seaborne iron ore and expanding into As the first Company in Western most profitable iron ore producer. Japan, South Korea and India. Australia to control a railway from Now producing 170 million tonnes outside the region of operation and As a proud West Australian Company, of iron ore per annum, Fortescue the first Company in the world to use Fortescue values its relationship has grown to be one of the largest CAT autonomous haulage technology with key stakeholders by working global iron ore producers and has been on a commercial scale, Fortescue is together to positively manage and recognised as the lowest cost seaborne continuing to introduce leading edge create opportunities for Aboriginal supplier of iron ore into China based technology across the business. people, build up communities, protect on Metalytics Resource Sector the environment and strengthen the Innovation in process and design is a Economics analysis. broader Australian economy. key component of Fortescue’s strategy Fortescue owns and operates integrated to efficiently and effectively deliver operations spanning three mine sites products from mine to market. in the Pilbara, the five berth Herb Elliott Port in Port Hedland and the fastest, heavy haul railway in the world. Port Hedland HERB ELLIOTT PORT Karratha Roebourne Marble Bar Pilbara IRON BRIDGE Western Australia Current operations Under development SOLOMON HUB Nullagine CHICHESTER HUB Firetail Cloudbreak Kings WESTERN HUB Christmas Creek Tom Price NYIDINGHU Paraburdoo Newman FORTESCUE’S VISION To be the safest, lowest cost, most profitable iron ore producer FORTESCUE’S VALUES Safety I Family I Integrity I Courage and Determination I Generating ideas I Empowerment I Frugality I Stretch targets I Enthusiasm I Humility 2 FORTESCUE METALS GROUP LIMITED I OVERVIEW OVERVIEW Together we are Fortescue Chairman’s message Andrew Forrest AO We’re proud of our diversity, the strength and contribution by each of our Directors and the benefits that diversity brings to our Board’s core strategic and governance role. Our company has delivered a truly We continue to set challenging stretch • Education. Supporting higher outstanding result for 2017. targets for the organisation and in education and breakthrough research, FY17 have been delighted by the through the provision of PhD and We can all be proud of the disciplined outcomes that the team has delivered. post-doctoral scholarships and execution of a clear strategy to continue Significant improvement in safety, facilities throughout Australia. to reduce debt, optimise the production consistent production and securing from our world class assets, explore the lowest cost position into China are • Early childhood. Ensuring every low cost options for future growth measures of which we can all be truly Australian child has the best possible while achieving strong returns for all proud. chance to thrive, through initiatives of us, as shareholders. that will include the creation of a As a Board, we also farewelled Owen blueprint around the development Our vision to be the world’s safest, Hegarty and Geoff Raby, and thanked of children in the critical years, from lowest cost, most profitable iron ore them for their tremendous contributions conception to five years old, that can producer is firmly within our reach to Fortescue’s success over their become a global prototype. and the entire team has once again respective terms. demonstrated its outstanding capability, • Creating parity. Encouraging with Metalytics recognising Fortescue During FY17, our close engagement education, training and employment as the world’s lowest cost producer of with China continued and I was initiatives that help to remove seaborne iron ore to China – a genuinely delighted to join with other business obstacles in people’s lives and end exceptional achievement. A sustained and Government leaders to welcome disparity between Indigenous and focus on safety improvement and Premier Li to Australia during a visit non-Indigenous Australians. consistent production from our top tier that again underpinned the strength of mining and infrastructure assets places our two countries’ bilateral relationship. • Modern slavery. Making Australia our Company in the best position for We supported the prestigious Boao and the world safer by ensuring that the future. Forum for Asia as a Diamond Sponsor every child and adult can expect, for the ninth consecutive year, with and receives, freedom, through the Our Board leads and empowers the the Australia-China Business Leaders elimination of modern slavery globally. CEO and the entire Fortescue team to Forum continuing its influential achieve these results. During the year, • Communities. Supporting arts, meetings through the participation we have renewed and refreshed the culture, environmental, community of leading business contributors from composition of our Board, welcoming and small organisations that can make both countries. Ms Penny Bingham-Hall and Ms Jenn a big impact, particularly to the lives Morris as Non-Executive Directors. The closeness and mutual support of underprivileged communities and Penny brings a wealth of experience between Fortescue and our customers individuals. from her roles in construction and steel, and stakeholders mirrors the strength I would like to convey my sincere while Jenn contributes a perspective on of the engagement at the most senior congratulations and thanks to our CEO, building a performance culture, from her levels of Government and we value our Nev Power and the whole Fortescue team. background leading change management relationships very highly. Nev has provided the leadership and focus and as a dual Olympic gold medallist. Fortescue’s dividends have enabled to empower the team to again deliver Ms Elizabeth Gaines successfully Nicola and I, through the Minderoo against the challenging stretch targets transitioned from her role as a Non- Foundation, to continue our support for that we set for ourselves, generating Executive Director to take on the position major initiatives which now include: the outstanding returns for all of us, as of Chief Financial Officer and become a shareholders in this great Company. • Cancer. Working with the finest key member of the Executive team. minds and institutions in Australia It is through building success in We’re proud of our diversity, the and internationally in collaborations our business that we can support strength and contribution by each of that will make cancer non-lethal for the communities in which we operate our Directors and the benefits that the coming generation and eventually and Fortescue has once again diversity brings to the core strategic and a disease that does not profoundly demonstrated its commitment and governance role that our Board provides. impact people’s lifestyles. ability to do just that. 4 FORTESCUE METALS GROUP LIMITED
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